055550-KS-2

055550-KS-2

055550-KS-2

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q3	Sep 30, 2024	Platinum International Fund	2.0%	-	005930.KS, 055550.KS, 0700.HK, 1801.T, 1928.HK, 2318.HK, 6201.T, 6479.T, 7203.T, AVGO, DSV.CO, ICE, JD, MCHP, TRU, TSM, UBS	Asia, China, rates, semiconductors, Stimulus, value	Chinese authorities announced comprehensive stimulus measures in late September to stabilize the property market and boost the economy. The breadth and tone were notably more aggressive than previous efforts, explicitly calling out support for domestic equity markets. This triggered a swift rally with Chinese stocks rising 25% in five days from the first announcement.		View
2024 Q3	Sep 30, 2024	Platinum Global Fund (Long Only)	0.0%	-	005930.KS, 055550.KS, 0700.HK, 1109.HK, 1810.HK, 3968.HK, 6201.T, 6479.T, 7203.T, AVGO, DSV.CO, ICE, INDIGO.NS, JD, MCHP, MU, PING, TRIP, TSM, TU, UBS, ZTO	China, interest rates, Japan, Korea, Logistics, semiconductors, Stimulus, value	The most important event during the quarter was the combined statements from the Politburo and the People's Bank of China aimed at drawing a line under the property market and lifting the economy out of its slump. The breadth and tone of the announcements were notably more aggressive and in a surprise move they explicitly called out support for the domestic equity market. This has triggered a swift rally in Chinese stocks, with the mainland A-share index rising 25% in five days from the first announcement on September 23rd.		View
2025 Q2	Jul 22, 2025	Polaris Global Equity	8.4%	12.8%	000270.KS, 000660.KS, 005930.KS, 055550.KS, 066570.KS, 8002.T, 8306.T, ABBV, ALSN, BARN.SW, BKT.MC, CAP.PA, COF, CTC.TO, DG.PA, ELE.MC, ELV, GNC.L, IAG.L, IETB.BR, JAZZ, JDEP.AS, JPM, LKQ, LTM, LUN.TO, MKSI, NXT.L, OTEX, SNY, TSN, UNH, YAR.OL	Airlines, diversification, Europe, financials, global, semiconductors, Trade, value	SK Hynix led portfolio performance capitalizing on leadership in high-bandwidth memory chips and disciplined DRAM supply with record-breaking first-quarter results. Samsung Electronics also benefited from DRAM price strength and HBM3E supply to non-Nvidia customers. The sector showed strong fundamentals supported by AI and advanced packaging demand.	UNH GNC LN 000660 KS 8002 JP	View
2025 Q2	Jul 22, 2025	Polaris International Equity	12.4%	18.8%	000270.KS, 000660.KS, 005930.KS, 055550.KS, 2724.TW, 8002.T, 8306.T, BARN.SW, BKT.MC, BPOP, CAP.PA, CTC.TO, DG.PA, ELE.MC, GNC.L, IAG.L, JAZZ, JDEP.AS, LTM, LUN.TO, MEOH, NOMD.L, NXT.L, SMWT, SNY, YAR.OL	Asia, Europe, Geopolitical, international, semiconductors, South Korea, Trade Policy, Travel	International airlines and travel services are capitalizing on the travel trend away from the U.S. Airlines like International Consolidated Airlines Group and LATAM Airlines posted strong results driven by robust demand and cost management. Airport traffic in Europe has recovered to above 95% of 2019 levels.	GNC LN 000660 KS 8002 JP	View
2025 Q2	Jul 17, 2025	Platinum International Fund	0.3%	-	000660.KS, 005930.KS, 055550.KS, 0700.HK, 1109.HK, 1801.T, 2269.HK, 2318.HK, 6141.T, 6503.T, 6758.T, 6861.T, 7203.T, 7974.T, 8035.T, 8725.T, 8802.T, 9618.HK, ADI, ALLFG.L, AMZN, AS1R.HE, ASML, AVGO, BARC.L, CCO, CLNX.MC, FLTR.L, FOXF.L, GDNP.SW, GLE.PA, GOOGL, INGOA.NS, ITX.MC, JMT.LS, KLAC, LRCX, LSE.L, MA, MCHP, META, MOWI.OL, MSFT, MU, NFLX, NVDA, NVS, ORSTED.CO, RCI, SAP, STJ.L, TSMC, TXN, UBER, UBS, UL, V, VAL, VEEV, WIZZ.L, ZTS	AI, Asia, defense, Korea, nuclear, semiconductors, technology, Trade	AI drives significant demand for semiconductors, data centers, and nuclear energy. Companies like Broadcom, NVIDIA, and TSMC are benefiting from AI capex spending. AI agents could reshape device interactions and potentially disrupt traditional platforms like Apple's iOS.	WIZZ LN CCO CN	View
2025 Q2	Jul 17, 2025	Platinum Global Fund (Long Only)	2.6%	-	000660.KS, 005930.KS, 055550.KS, 1109.HK, 2057.HK, 2318.HK, 6141.T, 6503.T, 6758.T, 700.HK, 7203.T, 7974.T, 8035.T, 9618.HK, AMZN, ASML, AVGO, BARC.L, CCO, GLE.PA, GOOGL, INGOF, LRCX, META, MOWI.OL, MSFT, MU, NFLX, NVDA, NVS, ORSTED.CO, RCI, TSM, UBER, UBS, UL, V, VAL, VEEV, WZZAF, ZTS	AI, Asia, defense, Korea, nuclear, semiconductors, technology, Trade Policy	AI stocks are experiencing strong performance with companies like Broadcom, Nvidia, and TSMC outperforming. The fund discusses valuation methodologies for AI stocks using theoretical adjusted price to sales models. AI is driving increased demand for nuclear energy and data centers, benefiting holdings like Cameco.	WIZZ LN CCO CN	View
2025 Q2	Jul 17, 2025	Platinum International Brands Fund	6.6%	-	000660.KS, 005930.KS, 055550.KS, 0700.HK, 1109.HK, 1801.T, 2269.HK, 2318.HK, 4543.T, 5401.T, 6141.T, 6503.T, 6758.T, 6954.T, 7203.T, 7974.T, 8035.T, 8725.T, 8802.T, 9618.HK, AAPL, ADI, ALLFG.L, AMER, AMZN, ASML, AVGO, BARC.L, CCO, CLNX.MC, ELF, FLTR.L, FOXF.L, GLE.PA, GOOGL, IDXX, INGOA.NS, ITX.MC, JMT.LS, KLAC, LRCX, LSE.L, MA, MCHP, MEITUAN, META, MOWI.OL, MSFT, MU, NFLX, NVDA, NVS, ORSTED.CO, RCI, SAP, STJ.L, TCOM, TSMC, TXN, UBER, UBS, UL, V, VAL, VEEV, WING, WIZ.L, ZTS	AI, Asia, defense, Korea, nuclear, semiconductors, technology, Trade Policy	AI stocks are experiencing strong performance with companies like Broadcom, Nvidia, and TSMC outperforming. The fund developed a TAPS valuation model for AI stocks, finding many trade at high valuations relative to growth rates. AI is driving increased energy demand, benefiting nuclear and power infrastructure companies.	IDXX WING GALD SW	View
2025 Q2	Jul 17, 2025	Platinum International Technology Fund	18.4%	-	000660.KS, 005930.KS, 055550.KS, 0700.HK, 1109.HK, 1801.T, 2269.HK, 2318.HK, 6141.T, 6503.T, 6758.T, 6861.T, 7203.T, 7974.T, 8113.T, 8725.T, 8802.T, 9618.HK, ALLFG.L, AMRS.HE, AMZN, ASML, AVGO, BARC.L, CCO, CLNX.MC, FLTR.L, GDNP.SW, GLE.PA, GOOGL, IDXX, INGOA.NS, ITX.MC, JMT.LS, LRCX, META, MOWI.OL, MSFT, MU, NFLX, NVDA, NVS, ORSTED.CO, RCI, STJ.L, TSMC, UBER, UBS, UL, V, VAL, VEEV, WING, WIZZ.L, ZTS	AI, China, defense, Korea, nuclear, semiconductors, technology, Trade Policy	AI stocks are being valued using theoretical adjusted price to sales models. The fund holds AI enablers in semiconductors and large language models. AI is driving demand for nuclear energy and data centers, benefiting holdings like Cameco and semiconductor companies.	KLAC	View
2025 Q2	Jul 17, 2025	Hosking Partners	-	12.2%	000660.KS, 055550.KS, 0669.HK, 4443.T, 6201.T, 7157.T, 7203.T, AMS.JO, AVGO, BAB.L, CPNG, III.L, IMP.JO, META, MSFT, MU, NHM.JO, NVDA, SGL.JO, SYL.JO, VIST	defense, diversification, global, Platinum, South Korea, technology, Trade Policy, value	Trump administration imposed 10% base tariff on all trade partners plus reciprocal tariffs based on trade surplus levels. Reciprocal tariffs paused except for China, but base tariff remained. This policy shift is expected to create significant reordering of winners and losers.	055550.KS CPNG 000660.KS III.L BAB.L	View
2024 Q1	May 9, 2024	Polaris International Equity	5.8%	10.1%	000270.KS, 000660.KS, 005930.KS, 007700.KS, 055550.KS, 066570.KS, 2338.HK, 4502.T, 6758.T, 8002.T, ANTO.L, BPOP, DTG.DE, GNC.L, HNR1.DE, LUMI.TO, MEOH, MNDI.L, MUV2.DE, NOMD.L, NXT.L, OTEX, PUB.PA, SKG.L, TEP.PA, YAR.OL	Asia, cyclicals, Europe, international, materials, technology, value	The electrification of everything and resurgent Chinese economy drove demand, while supply constraints from declining production rates at productive mines and political disruptions created tight market conditions. This benefited pure copper players like Lundin Mining and Antofagasta PLC, both jumping over 20% for the quarter.		View
2024 Q1	Mar 31, 2024	Orbis International Equity	-	-	000810.KS, 005930.KS, 012450.KS, 055550.KS, 086790.KS, 105560.KS, 7751.T	Asia, banks, Corporate Governance, Japan, Reform, South Korea, value	Japan has undergone remarkable transformation with corporate governance reforms, stewardship codes, and improved capital allocation. Japanese companies now have formal ROE targets and face activist pressure. Japan accounts for roughly a quarter of the strategy's outperformance over the past decade.		View
2024 Q4	Dec 31, 2024	Polaris International Equity	-8.7%	0.5%	000660.KS, 005930.KS, 055550.KS, 066570.KS, 1878.T, 5871.TW, 6758.T, ANTO.L, BARRY.SW, BWY.L, FTK.DE, JAZZ, LTM, LUN.TO, MEOH, ML.PA, SAN.PA, SVEG.OL, SW, TGLS, U11.SI, VIPS, YAR.OL	Cocoa, Geopolitical, international, semiconductors, Trade Policy, value	Substantial geopolitical tensions in France, South Korea and other global economies, along with protracted Ukraine-Russia and Israel-Hamas conflicts. Political instability in Germany and France suffered poor performance. South Korean market sold off after martial law declaration and impeachment proceedings.		View
2025 Q3	Oct 16, 2025	Polaris Global Equity	5.0%	18.5%	000660.KS, 005930.KS, 055550.KS, 5019.T, 6758.T, 8306.T, 8591.T, ABBV, ALSN, BARRY.SW, BPOP, CAP.PA, CG, CVS, DHL.DE, DTG.DE, ELV, GD, IAG.L, IPS.PA, JAZZ, LKQ, LNTH, LUN.TO, MEOH, MG, MKSI, MNDI.L, MPC, NEE, PUB.PA, SBH, SLM, UNH, UTHR, VIPS	AI, Energy Transition, financials, global, healthcare, semiconductors, Trade Policy, Valuations	The current two-speed economy is characterized by a narrow AI-driven boom versus subdued growth across most other industries. Just seven mega-cap U.S. tech stocks drove nearly 60% of the S&P 500 gains in 2025 to date. The frothy valuations in the AI tech sector should make investors cautious, as concentrated indices could face material correction if the AI boom busts.		View
2025 Q3	Oct 16, 2025	Polaris International Equity	4.8%	24.5%	000660.KS, 005930.KS, 055550.KS, 5019.T, 6758.T, 8306.T, 8591.T, BPOP, CAP.PA, DPW.DE, DTG.DE, IAG.L, JAZZ, LUN.TO, MEOH, MG, MNDI.L, PUB.PA, TEP.PA, VIPS	AI, Energy Transition, Europe, financials, international, Japan, semiconductors, Trade Policy	AI enthusiasm drove market gains with concentration in mega-cap tech stocks. Samsung and SK Hynix benefited from HBM memory progress and AI chip demand. The manager notes frothy AI valuations and warns of potential correction if the AI boom busts.		View
2025 Q4	Jan 19, 2026	Hosking Partners	7.2%	33.5%	000660.KS, 005930.KS, 055550.KS, AA, AAPL, BARC.L, C, FCX, HCC, IMPUY, MSFT, MU, SBSW, STX, SYF, TIGO	AI, contrarian, emerging markets, Japan, Mining, Platinum, technology, value	The strategy maintains a contrarian value approach, betting on mean reversion after a decade of growth dominance. Valuation spreads have reached extreme levels with enterprise value to sales ratios spanning 100-fold, creating opportunities in undervalued sectors. The AI capital paradox is creating opportunities as technology leaders face increasing capital intensity. McKinsey estimates $5.2 trillion in physical asset investments by previously asset-light firms, likely compressing returns on assets and valuations. South African platinum group metals were major contributors with Impala Platinum up 243%, Sibanye Stillwater up 360%, and Northam Platinum up 298%. The metals and mining sector weighting of 12% versus 2% index exposure drove significant outperformance. The strategy maintains triple-weight exposure to Japan at 14% versus 5% index weight, betting on corporate restructuring and activist investor pressure. Over 50 holdings target companies with depressed ROA ratios capable of dramatic improvement.		View
2024 Q3	Sep 30, 2024	Polaris International Equity	5.8%	10.1%	000270.KS, 000660.KS, 005930.KS, 055550.KS, 3132.T, 8002.T, 8591.T, 9433.T, AD.AS, ANTO.L, BARN.SW, BPOP, BWY.L, CTC.TO, DTE.DE, GNC.L, HNR1.DE, LIN, LOOM.ST, LUN.TO, MEOH, MUV2.DE, NXT.L, YAR.OL	cyclicals, financials, international, rates, semiconductors, value	Interest rates finally peaked with most central banks globally initiating easing cycles. The manager expects rates to remain higher than previous cycles at neutral levels of 1.2% to 1.4%. This normalized rate environment should benefit value stocks and global economic recovery.		View
2024 Q2	Jun 30, 2024	Polaris International Equity	5.8%	10.1%	000270.KS, 000660.KS, 005380.KS, 055550.KS, 066570.KS, 2338.HK, 8001.T, 8002.T, ANTO.L, BARN.SW, DG.PA, DNB.OL, DTG.DE, FTK.DE, GNC.L, IPS.PA, JAZZ, LUN.TO, MEOH, MG, MUV2.DE, NOVN.SW, OTEX, PUB.PA, SVEG.OL, TEP.PA, U11.SI, YAR.OL	AI, Asia, Copper, Europe, international, materials, technology	Copper prices increased over 20% from mid-February to late May due to tight supply and high demand from energy transition applications such as electric vehicles, as well as artificial intelligence and automation. Lundin Mining and Antofagasta PLC benefited from these copper trends.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Hosking Partners	Shinhan Bank	Financials	Banks	Bull	Korea Exchange	Asia, banking, Bull, Commercial Bank, Equity, financials, South Korea	View Pitch

BSD Shareholders of 055550-KS-2

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

Manager Name	Fund Name	Fund AUM	Invested Value	Portfolio Weight	Shares Owned	Shares Bought / Sold During Quarter	% Bought / Sold During Quarter	% of Shares Outstanding Owned
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